We recently published a report on Nigeria’s Inflation for June 2023. The report shows that inflation has continued to rise. Consequently, we highlight reasons for this sustained movement as well as investment strategies that investors can undertake in the coming months so as to mitigate against rising inflation.
INFLATION DATA FOR JUNE 2023
According to the National Bureau of Statistics (NBS), Headline inflation (which measures overall increases in prices of goods and services in an economy) increased by 0.38% year-on-year (YoY) to settle at 22.79% (vs. 22.41% in May 2023). We may recall that inflation has been on an upward trajectory since December 2022.
Furthermore, the rise in Headline inflation can be attributed to significant increases in two (2) of its sub-components (Food inflation and Core inflation). Food inflation registered a 0.43% YoY increase to 25.25% in June 2023 (vs. 24.82% in May 2023).
Additionally, Core inflation (measures changes in prices of all items excluding food) surged by 0.22% YoY to 20.27% (vs. 20.06% in May 2023). Furthermore, headline inflation displayed a similar pattern on a month-on-month (MoM) basis as it went up by 0.19% to settle at 2.13% compared to 1.94% recorded in May 2023.
Click here for the full report.